800 Magazine Street (Peche)

A regional lender engaged The McEnery Company to provide an AS IS opinion of the leased fee market value of 800 Magazine Street. The building is a 28,682 square foot, three-story historic mixed use property in the Warehouse District of New Orleans. The property was re-developed with the assistance of State and Federal Historic Tax Credits in 2013 into a high-end mixed use project with an overall net rentable area of 24,057 square feet. The ground floor space houses Peche, a nationally acclaimed and James Beard Best Restaurant in the Country Award winning Donald Link restaurant. The upper floors were converted into nine luxury apartments. We were engaged after the completion of the renovations to report the as-is market value of the property. This appraisal included a separate present value analysis of the Restoration Tax Abatement (RTA) which was put into place after the renovation.